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TMI BlogCabinet approves Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accountsX X X X Extracts X X X X X X X X Extracts X X X X ..... Cabinet approves Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts X X X X Extracts X X X X X X X X Extracts X X X X ..... itted by Lending Institutions (LIs) under Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Benefits: By granting ex-gratia payment of difference between compound interest and simple interest during the six month moratorium period to distressed/vulnerable category of bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rrowers, irrespective of whether the borrower had availed of moratorium or not, the scheme would equitably help small borrowers bear the stress on account of the pandemic and get back on their feet. Operational guidelines for the scheme are already issued with the approval of the Cabinet. The said amount of ₹ 973.74 crore will be disbursed in accordance with the said operational guidelines. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S No Date of Clam Submission by SBI No. of lending Institutions No. of Beneficiaries Amount of Claim Received Amount Disbursed Pending Disbursement 1 23.3.2021 1,019 1406,63,979 4,626.93 4,626.93 - 2 23.7.2021 & 22.9.2021 492 499,02,138 1,316.49 873.07 443.42 3 30.11.2021 379 400,00,000 216.32 0 216.32 4 Resubmitted by SBI 101 83,63,963 314.00 - 314.00 Total 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,612 2389,30,080 6,473.74 5,500.00 973.74 Background: In the context of the COVID-19 pandemic, "Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020)" was approved by the Cabinet in October, 2020, envisaging therein an outlay of ₹ 5,500 crore. Following category o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f borrowers were eligible for ex-gratia payment under the scheme: * MSME loans up to ₹ 2 crore * Education loans up to ₹ 2 crore * Housing loans up to ₹ 2 crore * Consumer durable loans up to ₹ 2 crore * Credit card dues up to ₹ 2 crore * Auto loans up to ₹ 2 crore * Personal loans to professionals up to ₹ 2 crore * Consumption loans up to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 2 crore Budget allocation of ₹ 5,500 crore was made for the scheme in FY 2020-2021. Whole amount of ₹ 5,500 crore, as approved by the Cabinet, has been disbursed to SBI, the nodal agency under the scheme, for consequent reimbursement to lending institutions. The estimated amount of ₹ 5,500 crore was arrived at by extrapolating the share of SBI and Scheduled Commercial B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anks for the aforementioned category of loans. It was also apprised to the Cabinet that the actual amount would be known once individual lending institutions submit their pre-audited account-wise claims. Now, SBI has informed that it has received consolidated claims of ₹ 6,473.74 crore approx. from lending institutions. As ₹ 5,500 crore has already been disbursed to SBI, approval of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Cabinet is now being sought for balance amount of ₹ 973.74 crore. X X X X Extracts X X X X X X X X Extracts X X X X
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